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Knowledgebase

Explore our comprehensive explanations of the various tax items and elements needed to lodge your tax return online. We also answer the most commonly asked questions about tax lodgement in general and our services in particular.

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Depreciating Assets

You can deduct the decline in value of depreciating assets, which are capital assets you either acquired when you purchased your property or subsequently purchased for your property. Generally speaking, these assets must be used in gaining or producing your assessable income.

Depreciating assets have a limited lifespan and are expected to decline in value over time. Furniture, stoves, washing machines, and TVs are all examples of depreciating assets. This deduction is particularly applicable to owners of residential rental properties.

Generally, you deduct the decline in value of depreciating assets over a number of years. However, in certain circumstances, the decline in value may be immediately deductible. In order for this to be the case, the asset must:

Cost less than $300

Be used mainly to produce assessable income (that is not income from carrying on a business)

Not be a part of a set of assets that together cost more than $300 or not one of a number of identical items that together cost more than $300

Franking Credit

A Franking credit allows companies in Australia to pass on tax paid at the company level to shareholders. The tax paid by the company is allocated to shareholders as franking credits attached to the dividends they receive.

It is also known as an imputation system and credit is refundable. This means that if no tax is payable, or if the franking credit amount is greater than the amount of tax calculated on your income, then the balance is payable to you as a refund.

E-Lodge no longer offers this service.

The information provided in this section is meant as a brief guide for those who wish to retrieve their super refund directly from the ATO.

Supers start when you’re a contractor, self-employed or employed and your employer pays the super for you. You can choose to contribute to your super if you’re self-employed.

You can boost your super by setting up an arrangement with your employer to make your own contributions or government contributions.

If your super is unpaid from your employer, determine if you’re entitled to the super, use the estimate my super tool, confirm with your employer, confirm how much super you received, or lodge an inquiry.

You can download the application for your super refund as a PDF form from the ATO here and mail it to the indicated address, or you can apply directly online here.

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